Overview of the first half of 2021:
- 6.8 gigawatts of inverter power sold (H1 2020: 7.1 gigawatts)
- Revenue of 488 million euros (H1 2020: 514 million euros)
- Increase in operating income before depreciation, amortization, interest and taxes (EBITDA) to 38 million euros (H1 2020: 24 million euros)
- Share of equity still high at 42% (12/31/2020: 42%)
- The management committee confirms the revenue and results forecasts for fiscal year 2021
SMA Solar Technology AG (SMA / FWB: S92) recorded in the first half of 2021 an operating result before depreciation, amortization, interest and taxes (EBITDA) of 38.1 million euros (EBITDA margin: 7.8%; H1 2020: 24.0 million euros, 4.7%). The profitability of the company is clearly on the rise. From January to June, the SMA group sold inverters with a cumulative power approaching 6.8 GW and achieved a turnover of 488.3 million euros (H1 2020: 514.2 million euros). Compared to the previous year, turnover is somewhat lower as small and medium-sized enterprises have been cautious in their investments due to the uncertainties caused by the covid pandemic. Demand was therefore below expectations in the Business segment and prices fell. On the other hand, the Home segments as well as Large Scale & Project recorded an increase in their turnover. From a global point of view, the shortage of electronic components had only a small impact on the level of turnover.
Consolidated results increased significantly to 13.3 million euros (H1 2020: 2.7 million euros). Earnings per share thus increased to 0.38 euro (H1 2020: 0.08 euro). Net liquidity fell to € 170.0 million (12/31/2020: € 226.0 million). It is mainly explained by larger stock reserves in a context of general equipment shortage. Storage guarantees SMA’s delivery capacity in view of the positive business development expected for the second half of 2021. The 42.4% share of equity remained at the same level as at the end of 2020 (12/31/2020: 41.8%). In addition, SMA has a line of credit for an amount of 100 million euros with national banks.
“Compared to the first six months of the previous year, we come out with an operating result (EBITDA) up almost 60% in the first half of 2021. This is due in particular to the constant improvement of our product mix and our price structure ”, explains Jürgen Reinert, Chairman of the Management Board of SMA. “In the segments dedicated to private residential photovoltaic installations and photovoltaic power plants, we were able to increase sales as well as our order book compared to last year. On the other hand, we had to record a marked decrease in turnover in the commercial installations segment due to lower demand and lower prices. In a context marked by the covid pandemic, small and medium-sized enterprises remained cautious in terms of investments during the first months of the year. For the second half of the year, however, new orders rose again in this segment. We therefore also expect a positive development of sales and results in this segment in the second half of the year. “
SMA’s management committee confirms its revenue and results forecast for fiscal year 2021, published on February 5, 2021. These forecast an increase in revenue, which should be within a range between 1,075 and 1,175 million euros, and an operating result (EBITDA) which should be in a range of between 75 and 95 million euros. As the supply situation for electronic components remains tense, SMA’s delivery capacities could face limitations in the second half of the year. The management committee is dealing with this situation by tighter and more extensive management of suppliers as well as by a storage strategy.
The half-yearly financial report for the period January to June 2021 can be viewed on the website www.SMA.de/IR/FinancialReports.
As a leading specialist in the world of systems engineering for photovoltaics and storage, the SMA group is now setting the conditions for the decentralized and renewable energy supply of tomorrow. SMA’s portfolio includes a wide range of efficient photovoltaic inverters and inverter-chargers, total system solutions for photovoltaic installations and storage systems of all power classes, intelligent energy management systems as well as complete solutions for hybrid photovoltaic / diesel applications. Digital energy services as well as comprehensive services up to the support of technical management and maintenance services for photovoltaic power plants complete the range of services. SMA inverters with a total capacity of over 100 gigawatts are installed in more than 190 countries around the world. SMA’s award-winning technology is protected by more than 1,600 patents and utility models. Since 2008, the parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and registered with TecDAX.
SMA Solar Technology AG
Vice President of Institutional Communication:
Phone. +49 561 9522-2805
Phone. +49 561 9522-1124
This press release is for the sole purpose of informing and in no way constitutes an offer or a solicitation to buy, hold or sell securities of SMA Solar Technology AG (“company”) or of an existing subsidiary or future (jointly with the company: “SMA group”). In addition, this press release should not be taken as the basis of an agreement to buy or sell securities of the company or of a company of the SMA group.
This document may contain forward-looking statements. By forward-looking statements are meant statements describing future events, not past. Statements relating to our expectations and assumptions are also included. These statements are based on plans, estimates and forecasts currently available to the management of SMA Solar Technology AG (SMA or company). For this reason, forward-looking statements speak only on the day they are made. On the other hand, forward-looking statements include, by their nature, risks and uncertain factors. Numerous risks known to be unknown, uncertainties and other factors may cause the actual results, financial position, development or performance of the company to differ significantly from the estimates made in this press release. These factors include factors described by SMA in published reports. These reports are available on the SMA website at www.SMA.de. The company is not required to update these forward-looking statements, nor to revise them in the light of future developments or events.